Did The Federal Government (Un)Knowingly Finance The Marijuana Industry?
Portfolio Pulse from Nina Zdinjak
Following the collapse of Signature Bank due to its investment in cryptocurrency, the FDIC transferred its deposits and assets to Signature Bridge Bank, N.A. This led to the federal government inadvertently funding the marijuana industry, as Signature Bank was servicing some regulated marijuana businesses. New York Community Bancorp (NYSE:NYCB) later acquired 40 former Signature Bank branches.
June 12, 2023 | 3:05 pm
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New York Community Bancorp (NYSE:NYCB) acquired 40 former Signature Bank branches after the bank's collapse.
New York Community Bancorp's acquisition of 40 former Signature Bank branches expands its presence and customer base. This could lead to increased revenues and growth for the company, positively impacting its stock price in the short term.
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